Hill Slowinski • Real Estate: Blog

In Brookmont, at the C&O Canal

111 Valley Road, Bethesda, MD  20816  MLS # MC9375221

Offered for $675,000   Virtual Tour

Open House:  Sunday, July 25, 1-4 PM

In nature's setting with all the upgrades! Along the Chesapeake & Ohio Canal National Historic Park (near Lock 6), close to High Island in the Potomac River near Little Falls, the old tow path, hiking and biking trails, and the Old Conduit Road. Former home to two Olympic Kayakers. Reno-vated kitchen and bathrooms, refinished floors. Rock patios, pathways, stairs, and terraces surround this diamond in Brookmont - ½ mile to shopping, and 1 mile to the DC line.

 Located in the Brookmont community known for its affinity to nature, hiking, kayaking, and outdoor appreciation, this home is within throwing distance to the access to the National Park along the Potomac River. The home was built in 1928 in a natural hillside setting.

This two bedroom, two full bath Colonial includes the open living room with large windows, brick wood-burning stove/fireplace with flagstone hearth. The breakfast area and kitchen look out to tree-height views of the park. The new kitchen is highlighted by granite counter-space, new cabinetry, new appliances, and a country pantry.

The second level back door opens outside to a gracious stone patio, stone retaining walls, terracing and natural gardens, and sweeping stairways to lower level terraces and garden areas.

Renovations and updating were made during 2006-2008. The hardwood flooring throughout the house has been refinished to its natural tones, and the windows have been replaced and updated.

For more information, see: www.HillSlowinski.com.

Buyers and Sellers Cooperating for Terms to Work

 As the market for the purchase and sale of residential properties continues to stabilize and return to normal, we are beginning to see more sellers accepting offers to buy their homes subject to the sale of the buyers' homes, this after a period where such contingencies were few and far between.  Even though these contingencies add to the complexity of offers, this arrangement works to the benefit of both buyer and seller to seal a deal and can be very satisfying and cooperative, so long as both parties adhere to the strict details in the home sale contingency provision. 

 Attention to timelines ("Time is of the essence") and procedural requirements is critical in ensuring these arrangements succeed.   For example, buyers must have their homes listed by a broker within three days of the ratification of the contract, and at a price that is very realistic and attractive to the market.  The contract the buyer eventually receives on his home must be free of all contingencies other than financing within the specified timeframe to satisfy the home sale contingency terms.  Meanwhile, sellers are permitted to accept back-up contracts in the event the initial contract becomes void. 

 The combination and realization of these transactions will take more time since there is additional scheduling and detail coordination along with the usual process requirements of yet another transaction.  With careful planning and oversight of experienced agents, achieving the desired outcome, though, can meet the objectives of, and fulfill the dreams of, all the parties to the deals.

Maryland and Virginia Among Highest for Technology, Business Friendliness

CNN Money.com and CNBC.com just released their 2010 lists - Top Earning Towns, Best 100 Small Cities to Live,and CNBC for Top States for Business- and The Washington Post announced the area's education level.

Bethesda, MD has the highest median family income in the US, according to CNN Money.com.  Ellicott City/Columbia, Maryland is named by a CNN survey as #2 Best Small City to Live in the country, up from #8 in 2008, with its  grand homes, a lovely 18th-century downtown, lots of restaurants, wide range of housing, tons of parkland, and a major music venue.  It's also an economic powerhouse with a jobless rate at just 5.2%.

Also named by CNN as high on the list were Gaithersburg, MD (# 25), Centerville, VA (#30), Rockville, MD (#31), and Alexandria, VA (#41).

CNBC named Virginia as #2 overall of the top states for business, bumped out if its 2009 #1 slot by Texas this year. Maryland remained in its #27 position overall, same slot as 2009.  In individual categories, Maryland ranked #8 in Technology and Innovation, and Virginia #2 in Business Friendliness, same as in 2009.

In addition, the Washington DC area has the best-educated population in the nation, as reported in The Post.

See:  http://money.cnn.com/magazines/moneymag/bplive/2010/snapshots/PL2718116.html

See:  http://www.cnbc.com/id/37516043/

See:  http://bit.ly/9Wzfun

See:  http://www.washingtonpost.com/wp-dyn/content/article/2010/07/14/AR2010071405751.html

A rare chance to own "THE ROOST" cottage, your personal Tilghman Island escape!

Click here for VIRTUAL TOUR ON YOU TUBE

This delightful, 1950 cottage-style home has been upgraded throughout. Cozy and light, with many windows and skylights, the property is located on approximately quarter acre just overr the bridge at the entrance to Tilghman Island on the Eastern Shore of Maryland. The home is minutes to St. Michaels and is close to several marinas, art centers, library, bookstore, museum, a couple of markets, shops, and the post office. 

Casual and comfortable, with water views of Knapps Narrows from the boatyard across the street, and in a quiet neighborhood at the entrance to the island, this recently renovated, pristine cottage is an excellent retirement, investment, or second home. It is perfect for a family, retreat, or vacation home, or just right for a weekend sanctuary or pied-a-terre.

Renovated throughout, this three bedroom, two full bath cottage entices you with a delightful front sitting room. The living room includes built-in bookshelves, a TV/DVD with a fully installed surround sound system, limestone wood burning stove, and air conditioning. The fully equipped kitchen also provides generous cabinetry and table space. The laundry area with washer and dryer is in a separate rear room.

 Roses border the front of the home and the backyard lawn is shaded by a huge maple tree, just waiting for the family picnic table and for summer lunches. There is a large one-car garage and private and protected gravel drive.

This home has a history of generating rental income. It is available with or without furnishings (separately listed).

See the cottage rental website at:  www.TilghmanCottage.com

OFFERED FOR:  $289,000,  TA7345203

For more information, see www.HillSlowinski.com  

SELLERS: Why Your House WILL Sell When Others Don't;
BUYERS: How to Prepare For, Find, and GET the Home You Want 

FREE SEMINARS and WORKSHOPS

Navigating today's dramatically changing real estate market can be challenging. Add to that the complexities of buying or selling a home and you have the makings for a whole lot of confusion. These free seminars will give you the tools, resources and information needed to make the best decisions for one of your biggest investments.

Here are the dates for the upcoming seminars. Each seminar will be held from 11:00 am-12:30 pm at the Cabin John Park Volunteer Fire Station located at 8001 River Road, Bethesda.

June 12 - Seller Seminar • June 26 - Buyer Seminar

July 10 - Seller Seminar • July 24 - Buyer Seminar

September 11 - Seller Seminar • September 25 - Buyer Seminar

October 9 - Seller Seminar •  October 23 - Buyer Seminar

SELLER'S OUTLINE:  Sell Your House This Year:  Why Your House WILL Sell When Others Don't
Description: Tips, advice and suggestions to help your home outshine the competition in today's buyer's market. Topics covered include:
 
The Seller's Role:
· Getting your property market-ready
· Understanding buyer expectations
· Seven pitfalls to avoid
Your Agent's Role:
· Up-to-the-minute market conditions
· Marketing Do's and Don'ts
· Leveraging relationships
· Pricing strategies for value 
Making the Sale:
· Attractive buyer financing options to consider
· Flexible negotiations
· Win-Win results
 
BUYERS OUTLINE:  Buy Your Dream Home This Year: How to Prepare For and Find THE Home you Want
Description: Tips, advice and suggestions to help you succeed in geting your next home in today's buyer's market. Topics covered include:
 
The Buyer's Role:
· Getting your financial profile ready
· Understanding seller expectations
· Seven pitfalls to avoid 
Your Agent's Role:
· Up-to-the-minute market conditions
· Buying Do's and Don'ts
· Leveraging relationships
· Comparing strategies for value 
Making the Purchase:
· Attractive financing options to consider
· Flexible negotiations
· Win-Win results

 For more information please contact

An Alternative to Brokerage

As consultant to clients who wish to explore all the available avenues for the disposition of real estate, I occasionally am asked what are the characteristics and benefits of the traditional brokerage vs. the marketing method in support of an auction.

Briefly, a transaction conducted in traditional brokerage is a negotiation that occurs over a period of time, with a seller and buyer bargaining and eventually coming to agreement on all terms, conditions, contingencies, prices, and schedule for settlement.  Auctions, on the other hand, are deliberate and competitive interactions among all willing buyers to offer a price for the seller to accept, without negotiation of all the other terms, conditions, contingencies, and settlement date. Those terms are pre-established by the seller and set forth in a property information package.

• Three types of residential auctions: Absolute (no minimum or reserve); Public Minimum (published and made known to buyers), and Reserve (confidential minimum amount set by the seller).

• Seller benefits: Quicker sale; maximum advertising exposure; maximize buyer participation; maximize dollars; no contingencies; property sold in as-is condition; buyer pays all documentary stamps and transfer taxes; commission free to seller in most auctions.

• Buyer benefits: Auctions are fun; bidding process is open and fair; buyers buy at their prices; decision to bid is reinforced by the immediately preceding bid; buyers compete on a level playing field with other buyers because terms and conditions are the same for all.

If you think this alternative might be right for you, call me and I'll help you make an informed decision.  For more information, contact me to talk about whether thisthis is an approach you could consider.

F. Hill Slowinski, JD, REALTOR^® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie's Great Estates,  President's Club 2009
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland  20816
Tel: 301-229-4000  Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409 
Email:  HSlowinski@LNF.com  ·  Web Site: www.HillSlowinski.com 
Weblog: http://HillSlowinskiRealEstate.com

3420 Porter St., NW, Washington, DC 20016 - Available for the first time in 65 years.

• Offered for $1,350,000. 
• MRIS# DC7336115. 
• Open House 5/16, 1-4 PM

This classic 1913 Victorian is filled with character and charm and is located in the heart of Cleveland Park. It features large sun-filled rooms, high coffered ceiling, handsome stone fireplace, gleaming hardwood floors, freshly painted throughout, original architectural details, and terrific space and storage areas. Its four levels include six large bedrooms plus a second floor library with fireplace, separate garage, and private landscaped rear garden.

With its orientation on the hillside, this is one of the more admired homes in historic Cleveland Park. The majestic 1913 pebbledash Victorian retains its original details and a very open feeling starting with its romantic wide front porch overlooking Porter Street.

The home is generous and spacious with well-proportioned rooms. Flow is excellent for entertaining, from the gracious entrance foyer, through the living room with its fieldstone fireplace, to the dining room with coffered ceiling, which opens to the brick patio and exceptional private rear South garden.

Situated in the heart of Cleveland Park midway between Wisconsin and Connecticut Avenues, the home is near top public and private schools, very close to fine shops and restaurants, and in the best Cleveland Park location. Walk easily to restaurants, parks, libraries, theaters, schools, and shops.

This rarely available home offers its original woodwork, high ceilings, and central air conditioning.  It is deceptively spacious with almost 3,000 sq.ft. of living space, and it is offered in "As Is" condition.

CLICK HERE for more information. (Brochure, photos, YouTube Virtual Tour, and much more)

4003 Belle Rive Terrace, Alexandria, VA 22309   ▪   FOR SALE: $2,799,000  

Belle Rive Estate  VIRTUAL TOUR -- CLICK HERE

Although this riverfront estate on almost an acre on the high Virginia banks of the Potomac River south of Washington is now in service as an elegant private residence, its uncommon security attributes and reinforced construction make it suitable for a variety of exclusively executive or sensitive functions.  The home is located on one of the five farms owned and operated by George Washington. 

The design of the home and its orientation over the Potomac River were influenced by the architecture of Frank Lloyd Wright,  overlooking the river from all corners and several exterior decks and balconies above the main level patio.  Experience virtually the same impressive views of the Potomac River that George Washington had from his home at  Mount Vernon, which is located ~1 mile up river.  

Dramatic panoramic 180˚+ vista of the Maryland shoreline and protected federal parkland: 

Opposite East Shore:  

Piscataway Park (National Park Service) and

Fort Washington Park (National Park Service) 

Virginia West shore: 

Mount Vernon (north) and

Fort Belvoir Military Reservation (south)

Gunston Hall, George Mason's home (south) 

For owners who view security as a business decision, the strategically fortified environments include a subterranean central core complex of rooms with protected access and communications, suitable for secure storage of records, valuables, or arms.  The building includes the usual alarm and security systems with cameras and motion detectors.  The home's solid brick, block, and steel construction and its below-ground lowest level lend themselves to use as a dedicated safe room for executive, military, diplomatic, or embassy potential. 

A central core could be retrofitted with a four-level dumbwaiter.  The open fourth level has been used at various times as a chapel, conference room, recital hall, business center, reception area, and art gallery with a large rooftop deck including separate enclosed external circular stairwell for catering and supplies delivery. 

Its location is well within 5 minutes response time from the Fairfax County Sherriff's office and 2 miles from the fire department.  

General Information:  Over 11,000 square feet, five bedrooms, five and one half baths, enormous master bedroom suite on main level with bath and walk-in closet, gourmet kitchen, breakfast bar, balconies and decks including a roof top deck.  Wonderful space for entertaining or conferences.  Must be seen!  Full riparian rights convey.  Property is offered either furnished or unfurnished. 

 FOR FURTHER INFORMATION:

F. Hill Slowinski, JD, Consultant, Sloans & Kenyon Luxury Real Estate

7034 Wisconsin Avenue, Chevy Chase, Maryland 20815 

Cell: 301-452-1409  Direct: 301-320-8430  Ofc: 301-634-2330 

Email: Hill@HillSlowinski.com or RealEstate@SloansandKenyon.com

Web sites:  www.HillSlowinski.com  ▪  www.HillSlowinskiRealEstate.com  ▪  www.SloansandKenyon.com

MRIS: FX7254991 

Mortgage Insurance Premium, Credit Scores, and Seller Contribution Affected

On January 20, 2010, FHA announced major changes to ensure its long-term financial soundness. FHA is trying to balance three fundamental objectives:

1. Financial soundness of the FHA insurance fund - ensuring that its capital ratio returns above 2 percent,
2. Fulfilling its mission of serving borrowers not adequately served by the private sector and
3. Facilitating the recovery of the housing industry and the over-all economy.

FHA has carefully balanced the need to make financial reforms with the need to keep FHA insurance available to a large segment of consumers. This is evident by retaining the 3.5 percent minimum down payment requirement and allowing the up-front mortgage insurance premium to be financed. FHA announced changes in the following areas:

• The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. (Effective April 5, 2010)
• Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment. The minimum down payment will remain at 3.5 percent for all other borrowers.
• FHA will seek legislative authority to increase the annual premium (currently capped at .55 percent). Over time, increasing the annual premium may allow FHA to reduce the upfront premium.
• Seller concessions will be reduced to 3 percent from 6 percent.

Buyers are advised to be aware of these potential changes as they prepare to make offers on new purchases, as timing in the contract process is important.

Also, remember, to take advantage of the First Time Homebuyer Tax Credit, contracts must be ratified by April 30, 2010 and settled by June 30, 2010. There is no extension of this program being prepared at this time.

New RESPA Regulations, HUD-1 Effective January 1, 2010

Changes under the Real Estate Settlement Procedures Act provide some improvements to borrowers, making it easier to compare loan terms and committing lenders to stick with their quoted fees.

The new Good Faith Estimate (GFE) will be uniformly used by all lenders so that borrowers will be able to compare settlement charges and loan terms being provided by different lenders. Lenders will be committed, for the most part, to honor the estimates provided. The new GFE will represent all the costs of the entire transaction. The costs are not specified as to whether those costs are borne by the buyer or the seller. The GFE will not include taxes, insurance, homeowner association or condo fees, as those are separate from the loan. It is expected that with the loan transaction information, buyers will be able to make better informed choices among lenders. 

The HUD-1 will be synchronized with the GFE and will show the figures from the GFE on the final settlement sheet. The new GFE is likely to encourage greater consumer shopping for home loan products.